Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    508 Elliott St Beverly, MA 01915

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Pending
    $1,299,900

    Four-unit property in Beverly with income and appreciation potential.

    Lot size:
    0.21 Acres

    Property Features for 508 Elliott St

    General Information

    Property type
    Investment
    Standard status
    Pending
    Lot size
    0.21 Acres

    Building Details

    Year built
    1909

    We can help!

    Listing Contact
    Justin Repp
    Justin Repp
    Source: Elliman

    Listing Agent: Justin Repp

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Beverly Multifamily Investment Opportunity

    This four-family property in Beverly presents an investment opportunity. The property features four two-bedroom, one-bath units with designed layouts. A large, level lot provides a spacious yard and ample parking. The property has below-market rents and upside potential, making it a value-add asset for investors, contractors, or owner-occupants seeking to generate income. The property also presents a condo conversion opportunity. It is located near downtown, shops, and restaurants, with easy access to Route 128 and the MBTA commuter rail, making it a commuter-friendly location.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Beverly
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.9083131
    Latitude
    42.5571447

    Nearby Similar for Sale

    • $799,000
      3,231 SF

      Mixed-Use Building in Beverly, MA

      Mixed-use property with storefront, residential units, and garage.
      261 Rantoul St, Beverly, MA 01915
      View Details
    • $1,299,900
      3,984 SF

      Beverly Four-Family Investment Opportunity

      Four spacious units with income and appreciation potential in Beverly.
      508 Elliott St, Beverly, MA 01915
      View Details
    • $1,250,000
      2,921 SF

      Downtown Beverly Commercial Building For Sale

      Free-standing commercial building in downtown Beverly with redevelopment potential.
      306 Cabot St, Beverly, MA 01915
      View Details
    • New
      Contact for pricing

      Turnkey Pizza Store in Beverly

      Downtown Beverly pizza store near train station, new construction.
      199 Rantoul St, Beverly, MA 01915
      View Details
    • Contact for pricing

      Brewery and Taproom in Beverly

      Turnkey brewery and taproom in downtown Beverly, Massachusetts.
      232 Rantoul St, Beverly, MA 01915
      View Details
    • Contact for pricing
      15,000 SF

      Beverly Commercial Condo For Sale

      Commercial condo in Beverly, leased to MyEyeDr, great location.
      495 Cabot St, Beverly, MA 01915
      View Details
    • Contact for pricing

      Thriving Hot Sauce Business Opportunity

      Prime Beverly location for established or emerging hot sauce business.
      166 Cabot St, Beverly, MA 01915
      View Details
    • Contact for pricing
      58,634 SF

      Beverly Industrial Park Opportunity

      60,000 SF of flexible warehouse space on 2.5 acres.
      54 W Dane St, Beverly, MA 01915
      View Details
    • Contact for pricing

      Turnkey Brewery and Taproom Business

      Fully operational brewery and taproom in downtown Beverly, Massachusetts.
      232 Rantoul St, Beverly, MA 01915
      View Details
    • Contact for pricing
      3,982 SF

      Turnkey Brewery and Taproom Opportunity

      Fully operational brewery and taproom in downtown Beverly, Massachusetts.
      232 Rantoul St, Beverly, MA 01915
      View Details
    • $839,000
      2,806 SF

      Beverly Duplex with Recent Updates

      Two-family duplex in Beverly with updated roof and electric.
      6-8 Charles St, Beverly, MA 01915
      View Details
    • $1,450,000
      0.15 Acres

      Beverly Mixed-Use Investment Opportunity

      Three-unit multi-family & three-bay garage.
      15 River St, Beverly, MA 01915
      View Details

    FAQs

    What type of property is this?
    Quadplex - Four-unit property in Beverly with income and appreciation potential.
    Where is this quadplex located?
    The property is located at 508 Elliott St Beverly, MA.
    What is the asking price?
    The asking price for this property is $1,299,900.
    What are key features of this property?
    This property features: - Strong income potential with below-market rents offering a value-add opportunity.; - Four spacious two-bedroom, one-bath units.; - Large level lot with ample parking and future development potential.
    (978) 927-8700
    Request Owner's contact information
    508 Elliott St Beverly, MA 01915
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    508 Elliott St
    Beverly, MA 01915
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    508 Elliott St Beverly, MA 01915
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Justin Repp
    Justin Repp
    Real Estate License ID: 454007462
    (978) 927-8700 (978) 273-6680
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!